State tax receipts show mixed results

Published: Wednesday, January 9, 2013 at 3:30 a.m.

Last Modified: Tuesday, January 8, 2013 at 11:22 p.m.

MONTGOMERY | Tax receipts for Alabama’s two budgets showed mixed results in the first quarter of the 2012-13 fiscal year when compared with the same period last year.

Sales and income taxes revenue allocated to the Education Trust Fund and other receipts distributed to the General Fund are reported monthly by the Department of Revenue and the state Finance Department.

“Receipts to the state General Fund and to the Education Trust Fund for the first quarter of fiscal year 2013 are on track with our estimates,” assistant state Budget Officer Kelly Butler said Tuesday. “We believe that revenues are on target to meet the budgeted spending levels in both funds.”

The first fiscal quarter ended Dec. 31.

Receipts are tracked against projections to determine whether mid-budget corrections will be needed in the legislative session that begins Feb. 5.

The finance department said that net income tax receipts increased $2.5 million, or one-third of 1 percent, from $776.1 million to $778.6 million for the fiscal quarter that began Oct. 1, compared with the same period last year.

The revenue department, which tracks some receipts in a slightly different manner than the finance department, said net corporate income taxes decreased $25.6 million, from $92.8 million to $67.2 million, or 2.75 percent.

That decrease was largely attributed to first-quarter refunds, which were significantly greater than last year’s first-quarter refunds.

Net individual tax receipts, however, increased $23 million from $700.6 million in first quarter of 2011-12 to $723.1 million for the recently completed first quarter, the revenue department said. The increase was 3.3 percent.

The finance department said net individual tax receipts increased about $27 million, or 2.5 percent, from the first quarter of 2011-12 to 2012-13.

The revenue department said net sales tax collections after refunds for the first quarter of this fiscal year were $505.1 million compared with $492.8 million in the first quarter of last year, an increase of 2.4 percent.

The finance department said overall net sales taxes and income tax collections were about the same as the Revenue Department’s information for the two fiscal quarters.

<p>MONTGOMERY | Tax receipts for Alabama's two budgets showed mixed results in the first quarter of the 2012-13 fiscal year when compared with the same period last year.</p><p>Sales and income taxes revenue allocated to the Education Trust Fund and other receipts distributed to the General Fund are reported monthly by the Department of Revenue and the state Finance Department.</p><p>“Receipts to the state General Fund and to the Education Trust Fund for the first quarter of fiscal year 2013 are on track with our estimates,” assistant state Budget Officer Kelly Butler said Tuesday. “We believe that revenues are on target to meet the budgeted spending levels in both funds.”</p><p>The first fiscal quarter ended Dec. 31.</p><p>Receipts are tracked against projections to determine whether mid-budget corrections will be needed in the legislative session that begins Feb. 5.</p><p>The finance department said that net income tax receipts increased $2.5 million, or one-third of 1 percent, from $776.1 million to $778.6 million for the fiscal quarter that began Oct. 1, compared with the same period last year.</p><p>Corporate tax receipts showed declines in revenue department and the finance department reports.</p><p>The revenue department, which tracks some receipts in a slightly different manner than the finance department, said net corporate income taxes decreased $25.6 million, from $92.8 million to $67.2 million, or 2.75 percent.</p><p>That decrease was largely attributed to first-quarter refunds, which were significantly greater than last year's first-quarter refunds.</p><p>Net individual tax receipts, however, increased $23 million from $700.6 million in first quarter of 2011-12 to $723.1 million for the recently completed first quarter, the revenue department said. The increase was 3.3 percent.</p><p>The finance department said net individual tax receipts increased about $27 million, or 2.5 percent, from the first quarter of 2011-12 to 2012-13.</p><p>The revenue department said net sales tax collections after refunds for the first quarter of this fiscal year were $505.1 million compared with $492.8 million in the first quarter of last year, an increase of 2.4 percent.</p><p>The finance department said overall net sales taxes and income tax collections were about the same as the Revenue Department's information for the two fiscal quarters.</p>